OPCAT

OPCAT presents a polarized investment profile characterized by high-quality technical development and strong tokenomics contrasted against severe security and governance risks. On the positive side, the project distinguishes itself with genuine infrastructure work (Rust/TypeScript) supporting the CAT20 standard on Fractal Bitcoin, rather than being a mere copy-paste token. The tokenomics are robust, mirroring Bitcoin with a fixed 21 million supply and a 100% fair launch distribution, eliminating VC dump risks. The community, while niche, is deeply entrenched in the high-value 'OP_CAT' Bitcoin scaling narrative. However, the project carries significant baggage: a critical security exploit in early 2025 allowed unauthorized minting, highlighting the lack of preemptive audits. Furthermore, the complete anonymity of the team and the absence of formal governance (Score 2/10) create a vacuum of accountability. Consequently, OPCAT represents a legitimate technical innovation in the Bitcoin ecosystem but requires extreme caution due to its proven vulnerabilities and lack of structural oversight.